See In Ireland, the Sheriff Is the Repo Man - BusinessWeek
It's an ill wind that blows nobody good as shown by the booming business of the 16 self-employed Sheriffs appointed by the Justice Ministry. They were busy seizing assets related to about €600 million in unpaid taxes last year. Presumably defaulted private sector debt including that of banks is many times that figure.
An interesting question is the extent to which business debtors in default have legally evaded the High Court and the Sheriff by transferring ownership of assets to family members or selling assets off at a low cost to companies controlled by family members and friends.